BCP Investment Corporation filings document regulatory disclosures for a Nasdaq-listed business development company and externally managed closed-end investment company. Reports include 8-K earnings exhibits and investor presentations covering investment income, net investment income, net asset value, distributions, portfolio composition and credit metrics; proxy materials for annual meeting voting, board elections, committee governance and auditor ratification; and capital-structure filings for registered notes offerings, indentures and refinancing activity.
The filing record also describes material definitive agreements and borrowing arrangements, including amendments to a senior secured revolving credit facility held through a wholly owned funding subsidiary. Additional disclosures cover the company's common stock, adviser relationship, director changes, board size adjustments and current reporting identity following the former Portman Ridge Finance Corporation name.
BCP Investment Corporation reported first quarter 2026 results showing stronger income but weaker net asset value. Total investment income rose to $17.6 million from $12.1 million a year earlier, while net investment income increased to $6.9 million, or $0.55 per share.
However, significant unrealized losses on investments led to a net decrease in net assets of $10.2 million, or $0.82 per share, and NAV fell to $15.60 from $16.68 at year-end 2025. Management highlighted that about 70% of the quarter’s unrealized depreciation was concentrated in software and software-exposed holdings. The company declared second-quarter 2026 total distributions of $0.30 per share, including a $0.03 supplemental payment, and set a third-quarter base distribution of $0.27 per share paid monthly.
BCIC’s quarterly report details a highly diversified investment portfolio spanning non-control, affiliated and controlled holdings. The company primarily invests in first lien and second lien senior secured loans, subordinated debt, preferred units, common equity and warrants across many industries, including health care, software, consumer, industrials, media and financial services.
Most debt positions are floating-rate, referencing SOFR plus contractual spreads, with stated cash and PIK interest rates often in the high single to mid-teens. Maturities are laddered mainly between 2025 and 2032 and include term loans and revolving credit facilities, as well as interests in collateralized loan obligations and joint ventures.
BCP Investment Corporation has issued its 2026 proxy statement for a virtual annual meeting on June 25, 2026. Holders of common stock at the April 27, 2026 record date, when 12,375,787 shares were outstanding, may vote.
Stockholders are asked to elect three Class II independent directors — Jennifer Kwon Chou, Joseph Morea and Robert Warshauer — each for a term ending at the 2029 annual meeting, and to ratify Deloitte & Touche LLP as independent auditor for the fiscal year ending December 31, 2026. The Board unanimously recommends voting FOR all nominees and FOR auditor ratification.
The filing also details BCIC’s external management: Sierra Crest earns a base management fee of 1.50% of average gross assets and a 17.50% incentive fee on income and realized capital gains. For 2025, BCIC paid about $6.6 million in base management fees, $2.8 million in net incentive fees after waivers tied to the Logan Ridge acquisition, and $2.0 million in administration expenses. Deloitte billed $1,299,855 in audit and tax fees for 2025.
BCP Investment Corporation entered into a note purchase agreement for $50,000,000 of 7.50% notes due 2029, issued under an effective shelf registration. The company plans to use the net proceeds to repay $40.0 million of 5.25% fixed-rate notes due 2026 and reduce other debt.
The new notes mature on September 24, 2029, pay 7.50% interest semi-annually starting April 30, 2026, and are general unsecured obligations ranking pari passu with other unsecured unsubordinated debt. The indenture includes asset coverage and reporting-related covenants and a commitment to use commercially reasonable efforts to maintain a rating on the notes.
BCP Investment Corp Chief Compliance Officer David Held bought shares in the company. On this Form 4, he reported an open-market purchase of 938 shares of common stock at $7.3499 per share. After this transaction, he directly owns a total of 1,258 common shares.
BCP Investment Corp director George Grunebaum bought additional shares of the company’s common stock in an open-market transaction. On this trade, he purchased 6,800 shares at a price of $7.5399 per share. Following the purchase, his direct holdings increased to 14,136 shares of common stock.
BCP Investment Corp director Dean C. Kehler reported an open-market sale of 37,100 shares of Common Stock. The sale occurred on March 23, 2026 at an average price of $7.3772 per share in multiple trades priced between $7.36 and $7.42. Following these transactions, Kehler directly holds 20,649 shares of BCP Investment Corp common stock.
BCP Investment Corp director and Chief Investment Officer Patrick Schafer made an open-market purchase of company stock. On this transaction date, he bought 2,655 shares of common stock at an average price of $7.4774 per share, bringing his direct holdings to 27,265 shares.
BCP Investment Corp Chief Financial Officer Brandon Satoren reported an open-market purchase of 325 shares of common stock at $7.47 per share. After this transaction, he directly holds 5,011 shares. This is a relatively small, routine insider buy that modestly increases his stake.
BCP Investment Corp director Alexander Duka reported an open-market purchase of 2,000 shares of Common Stock at $7.335 per share. Following this transaction, he directly owns 3,000 shares, held jointly with his spouse, increasing his personal stake in the company.